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This form is primarily utilized by individuals and businesses that wish to donate items such as food, clothing, furniture, or household goods to nonprofit organizations like Catholic Charities. For instance, a local business may use this template when donating surplus inventory to ensure that they can claim the appropriate tax deductions. Additionally, individuals clearing out their homes may provide in-kind donations and require this receipt for their records and potential tax benefits.
To utilize the donation receipt template effectively, donors should be aware of specific requirements. While there are no strict deadlines for issuing the receipt itself, it is advisable to complete it at the time of donation. Donors must also maintain documentation regarding the fair market value (FMV) of their donated items as per IRS guidelines.
Submitting the donation receipt template involves several straightforward steps. First, obtain the template from a reliable source such as DocHub. Next, fill in all required fields including donor information and details about the donated items. Once completed, you can either print the form for physical submission or send it electronically via email to your chosen charity organization.
It is essential for donors to keep a copy of this receipt for their personal records and tax purposes. The IRS does not allow charities to assign a dollar value to in-kind donations; thus, donors should independently assess their contributions' worth based on FMV guidelines provided by IRS publications.
